Saudi budget airline flynas, backed by billionaire Prince Alwaleed Bin Talal, plans to launch an initial public offering (IPO) on Riyadh’s stock exchange, the kingdom’s markets regulator announced.
Operating for nearly two decades, flynas intends to sell a 30% stake, joining a wave of Gulf companies going public.
The IPO comes as the aviation sector experiences a post-pandemic surge and Saudi Arabia prioritises tourism for economic growth. It will be the region’s third airline listing after the UAE’s Air Arabia and Kuwait’s Jazeera Airways, and the first in almost 20 years.
Founded as Nas Air in 2007, flynas operates over 70 routes with a fleet of 60+ Airbus A320 and A330 aircraft, aiming to expand to 160 jets by 2030. Its shareholders include Kingdom Holding, an investment firm founded by Prince Alwaleed, known for stakes in Citigroup, Twitter, and Four Seasons. Saudi Arabia’s sovereign wealth fund acquired 17% of Kingdom Holding in 2022.
Crown Prince Mohammed bin Salman led a 2017 crackdown that detained Prince Alwaleed, a royal family member, but the prince secured his release in 2018 through a confidential settlement.
Saudi Arabia is heavily investing in economic diversification to reduce reliance on oil. While the country attracts millions of religious pilgrims annually to Mecca and Medina, it has revamped its tourism sector to appeal to non-religious visitors. As part of this strategy, the government is launching Riyadh Air in 2025, joining state-owned airlines Saudia and flyadeal.
